When Saudi Arabia was unified 95 years ago, the newly founded state faced enormous economic challenges, stretching from the Red Sea coast to the shores of the Arabian Gulf. The first national budget, issued just a year after unification, amounted to only 14 million riyals — a modest sum compared to the size of the Kingdom and its ambitions.
Today, the story is very different. On its 95th National Day Saudi Arabia stands as the largest economy in the Middle East ranked among the world’s top 20 nations with an annual budget exceeding one trillion riyals. It also plays a pivotal role on the global stage as a member of the G20.
During World War II, global inflation and shrinking revenues from customs and trade hit the Kingdom’s finances hard. At the time, Abdullah bin Suleiman Al-Hamdan, the first finance minister, rejected an American offer of a $25 million loan in food and goods. Instead, after prolonged discussions, he secured a $10 million cash loan
British explorer John Philby, who documented these early struggles in Forty Years in the Wilderness, observed how Al-Hamdan’s resolve reflected the vision of King Abdulaziz. Even before steady oil revenues began flowing, the King was determined to drive development and modernization across the Kingdom.
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